In the first quarter of 2024, magnesium ingot exports rose by 50.6% YoY [SMM analysis]

China’s magnesium ingot exports rose by 38.4% YoY to 74,387 mt in Q1 of 2024. China’s magnesium ingot exports stood at 30,318 mt in March, up 50.6% YoY or 71.1% MoM.
From the perspective of exporting countries, the main exporting countries for domestic magnesium ingots in March 2024 were the Netherlands, India, Japan, Canada and South Korea, accounting for about 60% of the total export volume. Among them, the total export volume of magnesium ingots to the Netherlands was about 7,412 tons, accounting for 24.4%, an increase of 96.6% YoY; 3,502 tons were exported to India, accounting for 11.6%, an increase of 35.7% YoY; 3,180 tons were exported to Japan, accounting for 10.5%, an increase of 112.6% YoY; 2,215 tons were exported to Canada, accounting for 7.3%, an increase of 5.9% YoY; 2,139 tons were exported to South Korea, accounting for 7.1%, an increase of 154.6% YoY.
China’s magnesium alloy exports stood at 10,045 mt in March, down 0.5% YoY, but up 57.5% MoM. China's magnesium powder export was 9,394 mt in March, up 42% YoY or 97% MoM.
Overall, the export volume of magnesium ingots in March 2024 increased significantly compared with the previous two months. The increase was mainly reflected in exports to India, Japan, Canada and South Korea, an increase of 2,948 tons MoM. According to SMM, export orders in the first quarter of 2024 performed well, with a significant increase compared to 2023. At present, there is no major change in the operation of aluminum enterprises in the overseas market. It is expected that China's magnesium ingot exports will remain stable QoQ in the second quarter. In terms of export prices, the price of coal improved in the second quarter due to the recovery of downstream demand and refinery maintenance. Supported by the cost, it is expected that the export price of magnesium ingots in the second quarter will fluctuate narrowly with the supply and demand relationship.